Latest Advisory

IRS Issues Warning About "Tax Transcripts" Email Scam

The IRS issued a warning about the latest tax scam. Recently, there has been a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam involves a well-known malware, known as Emotet. Especially problematic for businesses, this malware can spread throughout the networks and potentially take months to successfully remove.

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Cloud-based ERP Solutions are Available for Smaller Companies

Cloud-based Enterprise Resource Planning (ERP) solutions are changing the affordability and operability equations. By adopting an ERP system, your company can streamline operations with a single solution that lets you analyze, track and move resources efficiently in every area. This article explains some of the benefits of cloud-based ERP.

Latest Advisory

Repeal of Alimony Deduction May Have Unintended Consequences on Post Divorce Grantor Trusts

One of the provisions of The Tax Cut and Jobs Act that may impact many Americans is the new legislation that repealed the alimony deduction after 12/31/2018. Most people understand this provision as it relates to alimony, divorce, and the income taxation of same, but there is another potential impact of the Act that relates to divorce that people should be aware of.

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Section 199A Deduction and Its Impact on Real Property Ownership

One of the most significant changes in The Tax Cuts and Jobs Act effecting income property owners is the newly created 199A deduction. Designed to reduce the effective tax rate on business taxable income, under the new Code Section 199A, there is a 20% deduction for qualified business income (QBI) from a pass-through entity (Partnerships & S-Corps). However, without proper planning, limitations may apply.

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IRS Waives Estimated Tax Penalty for Many 2018 Filers

The IRS announced that it is “generally waiving the penalty for any taxpayer who timely paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.” Usually tax payers who pay estimated tax, must pay at least 90 percent to avoid a penalty.

Latest Advisories

Two recent trends are converging to increase banks’ risk management obligations. One is heightened scrutiny by banking regulators of their Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance efforts. The other is customers’ increasing ...

An unexpected outcome of the recent death of designer Karl Lagerfeld is that the topic of estate planning for pets has been highlighted. Lagerfeld’s beloved cat, Choupette, played a major role in his brand. The feline was the subject of a coffee ta ...

The IRS has issued a press release reminding seniors that – in most cases – April 1, 2019 is the date that taxpayers who turned 70 1/2 during 2018, must begin making required minimum distributions (RMDs) from their individual retirement a ...